Trade of the Day
CapitaLand Ascott Trust (SGX: HMN)
(Current Price: S$1.05) – TECHNICAL BUY
Buy price: S$1.05 Stop loss: S$1.02 Take profit 1: S$1.12
Take profit 2: S$1.15
The price has been trading in an uptrend channel recently following a downtrend resistance line breakout, and formed a bullish hammer candle on 17 February at the channel support following a pullback from the S$1.12 resistance level. We can see continuation of the uptrend to retest the S$1.12 recent swing high level and subsequently the S$1.15 resistance level, which was a previous swing high formed in August 2022.
Our research team has a fundamental recommendation of BUY for this counter, with a target price of S$1.26.
Expected timeline of the trade is 2-4 weeks from the date of report issuance.
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